We asked some of the Sharks to give us their best advice regarding the most common questions they've received over the years from entreprenuers. Here's what they had to say:
1. What makes a good business idea great?
Barbara Corcoran: If your business idea clearly answers a need in the marketplace, it's probably a good idea. If the need is already being met by well-entrenched competitors, it can still be a good idea if it's a new, cheaper or more clever way of doing it.
Daymond John: Something that solves a problem (i.e., helps you do something faster), satisfies a need (i.e., makes an existing product cheaper), or improves quality of life (i.e., medical devices ).
Kevin Harrington: A good business idea is a product or service that solves a problem that is not already being solved in the marketplace. The product or service should be unique enough that it's not something already readily available.
Robert Herjavec: There are lots of good ideas but most great business are built on better execution of an existing idea. I am not a big believer in create a better idea and the world beats a path to your door.